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Mitsubishi UFJ Financial posts YOY increase in 9-month profit

Mitsubishi UFJ Financial Group Inc. reported a year-over-year increase in net profit for the nine months ended Dec. 31, 2017.

The group on Feb. 2 reported profit attributable to owners of the parent of ¥863.43 billion, or ¥64.63 per share, up from ¥786.94 billion, or ¥57.60 per share, in the prior-year period.

Net interest income fell to ¥1.434 trillion from ¥1.470 trillion, which the company partly attributed to a fall in domestic interest income and a decline in net gains on debt securities. Net gains on debt securities for the period fell year over year to ¥53.55 billion from ¥127.66 billion in the prior year.

Mitsubishi UFJ noted that these declines were offset by increases in overseas interest income and deposits and fees from the corporate and investment banking business, as well as a depreciation in the yen against other currencies.

Meanwhile, net fees and commissions clocked in at ¥971.20 billion, up from ¥916.30 billion in the nine-month period ended Dec. 31, 2016.

The group said ordinary profits for the period fell year over year to ¥1.206 trillion from ¥1.212 trillion, even as ordinary income increased to ¥4.577 trillion from ¥4.319 trillion.

Total credit costs for the nine-month period declined to ¥34.17 billion from ¥50.95 billion in the prior-year period.

Unit Bank of Tokyo-Mitsubishi UFJ Ltd. posted a year-over-year decrease in fiscal nine-month net income to ¥425.20 billion from ¥450.59 billion.

The unit's net interest income for the period fell to ¥757.70 billion from ¥816.50 billion, while net fees and commissions came in at ¥338.38 billion, down from ¥340.90 billion.

The bank's net operating profits fell to ¥462.05 billion from ¥558.68 billion. Bank of Tokyo-Mitsubishi reported a nonperforming loan ratio of 1.05% as of Dec. 31, 2017, down from 1.22% as of March 31, 2017.

Meanwhile, unit Mitsubishi UFJ Trust & Banking Corp. reported net income of ¥151.58 billion, an increase from ¥110.14 billion in the nine-month period to Dec. 31, 2016.

Net interest income for the period stood at ¥116.12 billion, down from ¥123.21 billion, while net fees and commissions for the period rose to ¥78.15 billion from ¥73.75 billion.

The bank's NPL ratio clocked in at 0.34% as of Dec. 31, 2017, falling from 0.44% as of March 31, 2017.

As of Feb. 1, US$1 was equivalent to ¥109.45.